FOURTH REPUBLIC
Act 731
THE SEVEN
HUNDRED AND THIRTY-ONETH
ACT
EN1TILED
INTERNAL REVENUE· (AMENDMENT)
ACT, 2007
AN ACT to amend the
Internal Revenue Act, 2001 (Act 592).
DATE OF ASSENT:
30th April, 2007.
ENACTED by the
President and Parliament:
Section 10 of
Act 592 amended
1. The Internal
Revenue Act, 2001 (Act 592) referred to in this Act
as the "principal enactment" is amended in section
10 (1)
(a)
by the insertion
after paragraph (f) of
"(ff) interest or
dividend paid or credited to a person who has
invested in a venture capital financing company",
(b)
by the substitution
for "five years" in paragraph (gg) of "ten
years"
Section 11 of
act 592 amended
2.
The principal
enactment is amended in section 11(5) by the
substitution for "five years" of "ten years".
Section 19 A of
Act 592 amended
3.
The principal
enactment is amended in section 19A by the
substitution for "financial institution which" of "a
person who".
Section 22 of Act
592 amended
4.
The principal enactment is amended in section 22 by
the insertion after
subsection (la)
ofthe new subsection,
"( Ib) A loss
incurred by a qualifying venture capital financing
company from disposal of shares in any venture
investment under section 17 of the Venture Capital
Trust fund Act, 2004 (Act 680) shall be carried
forward for a period of five years after the date of
disposal."
Section 39 of Act
592 amended
5. The principal
enactment is amended in section 39(1) as follows:
(a)
by the substitution
for "thirty" in paragraph (a) of "thirty
five"; (b) by the substitution for "thirty"
in paragraph (c) of "thirty five";
( c) by the
substitution for "twenty four" in paragraph (d)
of "thirty"; (d) by the substitution for
"twenty" in paragraph ( e) of "twenty five";
( e) by the substitution for "fifty" in
paragraph (j) of "hundred"
Section 82 of Act
592 amended
6. The principal
enactment is amended in section 82(2) by the
insertion after paragraph (b) of
"(c)
interest due to a
resident financial institution".
Section 84 of Act
592 amended
7. The principal
enactmeT1t is amended in section 84(4) by the
deletion of 'or' at the end of paragraph (a)
and the insertion after that paragraph of the new
paragraph:
"( aa) to
premiums paid to a registered insurance company
under an insurance contract; or"
Section 86 of Act
592 amended
8. The principal
enactment is amended in section 86 by the insertion
after sub-
section (3) of the
new subsection,
"(4) The tax
imposed under subsection (2) is a final tax on the
income on which the tax is imposed and the
provisions of section 4 paragraphs (a)(
c) shall apply in respect of that income or tax."
Section 92 of
Act 592 amended
9. The principal
enactment is amended in section 92(3) by the
substitution for "under section 4" of "under
sections 4 and 86."
Section 94 of
Act 592 amended
1 O. The
definition of dividends in the principal enactment
is amended in section 94
(a)
by the substitution
for "share capital or share premium account"
wherever it appears of "stated capital", and
(b)
by the substitution
for "shale; capital or share buy back" in paragraph
(b) of "stated capital or redeemable
preference shares."
Section 95 of
Act 592 amended
11.
The principal
enactment is amended in section 95 (1) by the
substitution for "ten" of "five."
Section 101 of
Act 592 amended
12.
The principal
enactment is amended in section 101 (1):
(a)
by the substitution
for "five" in paragraph (g) of "ten"; and
(b) by the insertion of a new paragraph (lz)
"(h)
capital gains
accruing to or derived by a person from an eligible
capital financing company".
Section 113 of
Act 592 amended
13.
The principal
enactment is amended in section 113 by the insertion
after subsection (5) of the new subsection:
"(6) Subject to the
provisions of this Act and Regulations made under
it, the Commissioner may in writing give
administrative directives as he considers necessary
for the administration and implementation of the
provisions of this Act." .
Second Schedule
of Act 592 amended
14.
The principal
enactment is amended in the Second Schedule by the
substitution for Tables A and B of the new Tables:
"TABLEA:
ACCOMMODATION
Accommodation with
furnishing - 10% of the person's total cash
emoluments.
Accommodation only - 7.5% of the person's
total cash emoluments.
Furnishing only - 2.5% of the persons total
cash emoluments.
Shared accommodation - 2.5% of the person's
total cash emoluments.
TABLE B:
VEHICLES
Driver and vehicle
with fuel
12.5% of the
person's total cash emoluments up to a maximum of
˘3,500,000.00 per month.
Vehicle with fuel - 10% of the person's total
cash emoluments
up to a maximum of
˘3,000,000.00 per month.
Vehicle only - 5% of the person's total
cash emoluments
up to a maximum of
˘ 1 ,500,000 per month.
Fuel only - 5% of the person's total cash
emoluments up
to a maximum of ˘
1,500,000.00 per month."
Fourth Schedule
of Act 592 amended
15.
The Fourth schedule
of the principal enactment is amended by the
substitution for"10%" of"5%".·
Date of Gazette
notification: 4th May, 2007.
GOVERNMENT PRINTER,
ASSEMBLY PRESS, ACCRA. GPC/A 74/300/4/2007
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